Once again, one of the new foreclosures I was assigned to today was a property formerly owned by a Gatlinburg area real estate broker. Sadly, this is now the FIFTH home that I have recently witnessed being lost to the bank by one of my peers. Unfortunately, Gatlinburg area real estate brokers have been very hard hit by the state of our local real estate economy. With a drastic reduction in sales volume, and the continual pressure on profit margins in the vacation rental industry, I’m surprised that more of my friends in the real estate business haven’t been seen on the foreclosure list.
We have been blessed by being in the depressing but profitable foreclosure end of the Smoky Mountain real estate business. With 5 new foreclosure assignments since last week, it looks like we are facing yet another wave of new foreclosure properties that will soon be hitting our Sevier County real estate market. Each time I believe that this debacle is almost over yet another crop of foreclosures materializes. With over 200 properties currently under our management we are very busy indeed. While the average agent has only 2 sales this year (861 reported residential sales divided by 420 (and dropping) members in our board) I have been truly blessed to already have 72 closed transactions this year and 13 more pending sales. Sadly, the vast majority of these transactions have been (you guessed it!) foreclosures. It is indeed a tough environment for Smoky Mountain real estate sellers!
I’ve however never seen however a better opportunity for cash buyers. Sellers are anxious and the available inventory of Gatlinburg, Pigeon Forge, Sevierville, and Seymour real estate is great. For the broadest access to the best values in foreclosure (and non-foreclosure) Smoky Mountain real estate, please contact us!